Icon Wealth Advisors LLC Has $563,000 Holdings in U.S. Bancorp (NYSE:USB)

Icon Wealth Advisors LLC decreased its holdings in shares of U.S. Bancorp (NYSE:USB) by 29.0% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 12,320 shares of the financial services provider’s stock after selling 5,033 shares during the quarter. Icon Wealth Advisors LLC’s holdings in U.S. Bancorp were worth $563,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Janus Henderson Group PLC boosted its stake in shares of U.S. Bancorp by 6.4% during the 1st quarter. Janus Henderson Group PLC now owns 276,599 shares of the financial services provider’s stock worth $12,363,000 after buying an additional 16,686 shares during the last quarter. LRI Investments LLC bought a new stake in U.S. Bancorp during the first quarter worth about $31,000. PGGM Investments acquired a new position in U.S. Bancorp during the first quarter valued at approximately $301,000. Cetera Investment Advisers grew its stake in U.S. Bancorp by 125.4% in the first quarter. Cetera Investment Advisers now owns 596,655 shares of the financial services provider’s stock valued at $26,670,000 after purchasing an additional 331,960 shares in the last quarter. Finally, EverSource Wealth Advisors LLC increased its position in shares of U.S. Bancorp by 16.9% during the 1st quarter. EverSource Wealth Advisors LLC now owns 4,393 shares of the financial services provider’s stock worth $196,000 after purchasing an additional 636 shares during the last quarter. Institutional investors own 77.60% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently commented on USB shares. The Goldman Sachs Group cut their price objective on U.S. Bancorp from $48.00 to $46.00 and set a “neutral” rating for the company in a report on Wednesday, September 11th. Citigroup raised shares of U.S. Bancorp from a “neutral” rating to a “buy” rating and upped their price target for the stock from $49.00 to $65.00 in a research report on Monday, November 25th. Oppenheimer lifted their price objective on shares of U.S. Bancorp from $59.00 to $64.00 and gave the company an “outperform” rating in a research report on Tuesday, November 5th. Royal Bank of Canada set a $53.00 target price on shares of U.S. Bancorp in a report on Thursday, October 17th. Finally, Evercore ISI raised their target price on shares of U.S. Bancorp from $51.00 to $54.00 and gave the company an “in-line” rating in a research note on Wednesday, October 30th. Twelve research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, U.S. Bancorp currently has an average rating of “Hold” and a consensus target price of $52.02.

U.S. Bancorp Price Performance

NYSE:USB opened at $53.29 on Friday. U.S. Bancorp has a 52 week low of $37.67 and a 52 week high of $53.98. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.81 and a current ratio of 0.81. The firm’s 50-day simple moving average is $48.44 and its 200 day simple moving average is $44.44. The firm has a market cap of $83.13 billion, a price-to-earnings ratio of 16.30, a P/E/G ratio of 3.15 and a beta of 1.02.

U.S. Bancorp (NYSE:USB) last announced its earnings results on Wednesday, October 16th. The financial services provider reported $1.03 EPS for the quarter, topping the consensus estimate of $0.99 by $0.04. The company had revenue of $6.86 billion for the quarter, compared to analysts’ expectations of $6.90 billion. U.S. Bancorp had a net margin of 12.92% and a return on equity of 12.91%. The business’s revenue for the quarter was down 2.4% on a year-over-year basis. During the same period last year, the firm earned $1.05 earnings per share. As a group, sell-side analysts predict that U.S. Bancorp will post 3.93 earnings per share for the current year.

U.S. Bancorp Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were issued a dividend of $0.50 per share. This is a positive change from U.S. Bancorp’s previous quarterly dividend of $0.49. This represents a $2.00 annualized dividend and a dividend yield of 3.75%. The ex-dividend date of this dividend was Monday, September 30th. U.S. Bancorp’s dividend payout ratio is 61.16%.

U.S. Bancorp announced that its board has initiated a stock buyback program on Thursday, September 12th that permits the company to buyback $5.00 billion in outstanding shares. This buyback authorization permits the financial services provider to reacquire up to 7% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s management believes its stock is undervalued.

Insider Buying and Selling

In other U.S. Bancorp news, insider Jodi L. Richard sold 25,000 shares of the stock in a transaction dated Friday, October 18th. The shares were sold at an average price of $49.03, for a total transaction of $1,225,750.00. Following the sale, the insider now directly owns 129,790 shares in the company, valued at $6,363,603.70. This represents a 16.15 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 0.23% of the stock is owned by company insiders.

About U.S. Bancorp

U.S. Bancorp, a financial services holding company, provides various financial services to individuals, businesses, institutional organizations, governmental entities, and other financial institutions in the United States. It operates through Wealth, Corporate, Commercial and Institutional Banking; Consumer and Business Banking; Payment Services; and Treasury and Corporate Support segments.